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SEBI opens door for fintechs to enter mutual fund industry

The Securities and Exchange Board of India (SEBI) has decided that sponsors of Asset Management Companies (AMCs) need not meet the profitability criteria to apply for an AMC or mutual fund license, SEBI's Board said on Wednesday. The move opens the door for a number of fintechs who currently distribute mutual funds to begin designing and selling their own mutual fund schemes. Prior to this decision, fintechs would have had to prove its profitability track record to the markets regulator, in addition to having a minimum net worth of ₹50 crore. SEBI has decided that fintechs that can demonstrate having a net worth of ₹100 crore can apply for a mutual fund license, provided they maintain this net worth continuously for 5 years. "To facilitate innovation and enhanced reach to more investors at a faster pace including tech-enabled solutions, sponsors…

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